Mitigating Third-Party Risks: A Strategic Approach to Vendor Risk Management Testing
Introduction In today’s interconnected business landscape, companies rely heavily on third-party vendors to deliver products and services. However, this increased reliance on vendors also introduces new risks. According to a survey by Deloitte, 83% of executives believe that third-party risks will increase significantly in the next two years. This is where Vendor Risk Management (VRM) comes in – a crucial process that helps organizations assess, mitigate, and manage risks associated with third-party vendors. One key aspect of VRM is testing, which ensures that vendors are adhering to agreed-upon standards and regulations. In this blog post, we will explore the importance of testing in Vendor Risk Management and outline a strategic approach to testing. ...